UK shipbroker Gibsons believes a shift in buying patterns as western countries shun Russian crude will not be straightforward.
The physical oil market is already seeing disruptions from the Ukraine war, with Reuters reporting an increasing number of Russian Urals crude tenders for March delivery failing to find a buyer, despite record discounts.
Kazakhstan’s CPC Pipeline blend is starting to face a similar fate, due to concerns about its mixture with Russian grades and loading in a Russian port in a conflict zone, Gibsons said.
